SBM Offshore Gains After Raising Sales Forecast: Amsterdam Mover

Aug. 8 (Bloomberg) -- SBM Offshore NV gained the most in
five months after the Dutch supplier of floating oil-production
platforms raised its full-year revenue forecast to $4.3 billion
from $4 billion.

SBM climbed as much as 6.9 percent to 15.19 euros, the
biggest intraday advance since March 12. The stock was up 6.6
percent at 15.15 euros as of 10:51 a.m. in Amsterdam, valuing
the company at 3.15 billion euros ($4.2 billion).

First-half earnings before interest and taxes, excluding
the Yme and Deep Panuke projects, rose by 71 percent to $371
million, the Schiedam, Netherlands-based company said in a
statement yesterday after the markets closed. Order intake rose
to $7.5 billion after SBM won contracts from Petroleo Brasileiro
SA worth $3.5 billion for two floating production and storage
units. Sales increased 35 percent to $2.22 billion, beating the
$2 billion average estimate of analysts surveyed by Bloomberg.

The company is starting to deliver “better focused
results” and the “order book of $22 billion is clearly
supportive for further growth,” Quirijn Mulder, an Amsterdam-based analyst at ING Groep NV, said in a note to investors
today. ING has a buy recommendation on the stock.